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house of representatives has just voted on the fiscal cliff. let's take a live look at the house floor right now. the final vote was 253 to pass this measure preventing us from falling off the fiscal cliff. it only needed 217 votes to pass. 84 republicans so far have voted yes, along with 117 democrats -- 171 democrats. last night, america fell off of the cliff at midnight. that meant we went into this package of deep spending cuts. and tax hikes. it essentially went into effect. but the house of representatives just did is a green light to a bill that the u.s. senate passed in the very early hours this morning that would roll back those tax hikes for most of the middle-class. it would hike tax for the rich and delay those massive spending cuts for 2 more months. the house just approved it now. our reporter has been following all this for us. he is live on capitol hill. >> good evening from capitol hill. now the vote continues in the house but by at least 40 votes. the fiscal cliff fix, put together by president obama was senate republicans, has passed the house. conservatives fi
wednesday on the fiscal cliff deal. treasury secretary timothy geithner reportedly will leave his position at the end of january. macy's is closing underperforming macy's and bloomingdales stores in california, maine, hawaii, texas, ohio, and the mall of america store in minnesota. and arctic rescue mission: the u.s. coast guard is still trying to free an oil drilling ship owned by shell that has been stuck off the coast of alaska since new year's eve. let's check in now with joe cusick of optionsexpress for his take on today's trading. what do you expect in the jobs trade today? > > you know angie, it is going to be very interesting. on the close yesterday, there was a very interesting trade: there was a large seller in the big s&p contract, about 4000 contracts traded on the close. so, a very interesting trade going into the number. potentially some hedging going into the number, because we had mixed data yesterday with the adp number coming in better- than-expected but the claims data coming in worse-than- expected, a little bit higher. so, we could have some mixed action. looking forwa
. i'm susie gharib. with just hours to go a deal emerges to avert the fiscal cliff, but can congress pass the measure in time? president obama says they can, we've got the latest from washington, on what could happen before the new year's day deadline. and wall street ends the year with a rally and healthy gains. s&p strategist sam stovall joins us with where he sees stocks headed in 2013. that and more tonight on "n.b.r."! washington lawmakers are getting close to a fiscal cliff deal, but they might not get it done before the midnight deadline tonight. the senate could vote in time, but it's possible the house will wait until tuesday. that means the u.s. could go over the fiscal cliff. on wall street today, investors bought up stocks on high hopes of deal after president obama said this afternoon a deal is "in sight," and positive comments from republican leaders in the senate. here's how the major averages closed on this last trading day of 2012. the dow surged 166 points, the nasdaq jumped about 60, and the s&p rose almost 24 points. while wall street has already closed the books
. country prepares to welcome and -- welcome in a new tor, time is running out avoid the fiscal cliff. news of an agreement between the came inuse and senate last 90 minutes. we have been following the twists and turns. this does not mean that a deal done, right? >> it has been reached behind closed doors. we are at 0 hours. 58 minutes until we go over the fiscal cliff. there has been a lot of light breaking developments. deal has beena reached that would stop the big that would be enacted across the board if we over the fiscal cliff. this is a live picture from the capital. been a flurry of activity tonight. this still addresses some of the about to happen -- the deal addresses some of to happen asbout well. the vice president walked past d was asked if a deal had been reached. here's what happened. >> happy new year. >> do you have a deal? >> happy new year. >> happy new year. he would not answer the question. that he was smiling is taken as a good sign. e deal that has reportedly reached keeps taxes the every one making $450,000 or less. it also appears this avoids the to defense and oth
this hour for the fiscal cliff negotiations. now vice president joe biden, he is heading to the hill for talks with the house democrats. this is a critical moment for the country. talking about 12 hours after the deadline for the government action has passed. the senate okayed a deal wee hours of the morning, prevent middle class income taxes from going up but raise rates on income of more than $400,000 a year for individuals, more than $450,000 for couples. now, unemployment benefits for 2 million americans would be extended for a year. what it does not address is the spending cuts. lawmakers plan to revisit the difficult issue. that is delayed two months from now. going to bring you all angles of the story here. of course following this, every single move. dana bash on capitol hill, jessica yellin at the white house, christine romans live from new york and alison kosik in new york, hearing from folks in a diner. dana, you were up really late into the night, early into the morning here, there is more business to be done and we know at this hour involves the vice president. he's goin
the fiscal cliff and welcome 2013. >> five, four, three, two, one! ♪ adam: and a happy new year, everybody. 2013, and that sound you hear is your taxes going up. rich edson, minimum for most americans taxes will go up a minimum $1000 depending on how much you make, correct? >> that is right. depending on whether or not the senate and the house can pass this deal is leadership has agreed to. what you have got now are essentially broad-based tax hikes. the questions we're getting over the fiscal cliff, technically we are in this gray area riggt now where administratively puts things off because we do have an agreement on legislation. still has to go through the house and the senate at this point, but technically speaking here we are over the fiscal cliff. adam: $620 billion in new tax hikes, this will not taste good later this morning republicans in the house. we'll have to consider this next. rich: he still has to sell this thing. the publicans in the house if they don't come along on this thing, they will be the ones who have gone back on a deal. approval for the senate minority leader mit
may have approved a senate deal to avoid the fiscal cliff for now, but more debates are expected in the coming weeks. the deal passed last night would raise taxes on households making more than $450,000 or more a year and individuals making $400,000 or more. but congress pushed off deep government spending cuts for two months and the country is hitting the debt ceiling. >> three set up three more fiscal cliffs. we are gonna look back on this night and regret it. >> president obama rejoined his family in hawaii this morning. the white house had no immediate details when the president will receive and sign the bill. >>> well, stocks are sharply higher due to the fiscal cliff deal but some market watchers are cautioning that the euphoria could be short-lived because of the many challenging issues that remain unresolved. the dow is slightly off, but remaining up more than 200 points. it's up now 235 at 13,339. well, despite the fiscal cliff deal, everyone's paycheck will still be at least a little bit smaller this year. ktvu's janine de la vega is in los gatos to explain about the en
>> no rest for lawmakers as a late night deal is reached in the senate on the fiscal cliff. but the u.s. still poised to go over the cliff. >>> but even as the country rang in the new year the deadline for that deal was passing. what happens next for lawmakers? and what impact is it going to have on your wallet? >> also we're learning new details about secretary of state hillary clinton's blood clot in her head. we'll have the latest on her treatment. and her prognosis. >>> happy new year. >> happy new year. >> good morning, welcome to "early start" everyone. i'm john berman. >> i'm ali velshi. >> and i'm christine romans. zoraida is off today. it is 6:00 a.m. right now on the nose. well 20 seconds away. >> and breaking news. can you feel it? we're actually over the fiscal cliff. so, now it's up to the republican-controlled house to pull us back. here's what happened while you were sleeping, or sleeping or dg else. a deal crafted by vice president joe biden and minority leader mitch mcconnell passed the senate by a margin of 89-8. that vote wrapped up after 2:00 a.m. easter
, the house stands adjourned. >> with 58 minutes to spare, congress averted the fiscal cliff. >>> nobody is celebrating this morning, but the deal is done. >> the tax issue has been resolved. >> the house approved. >> john boehner got rolled. >> john boehner has had permanent damage done to him. >> john boehner walked past harry reid and said go blank yourself, and then bragged about it. >> does he even want this job anymore? >> one long national nightmare is now finally over. >> the debt ceiling. >> the debt ceiling is coming. >> no. >> the sequesters are coming. >> cue the next countdown clock. >> i will not have another debate with this congress. >> house republicans see it as a trump card. >> they should pay the bills they have already racked up. >> while they approve this deal to avert the fiscal cliff. >> last night the house of representatives failed. >> there was no deal to send money to the victims of hurricane sandy. >> lawmakers from new jersey were angry. >> last night it was my party responsible. >> they are leaving this party without help. >> congress. >> congress. >> congr
donations. going to these nonprofits because of the fiscal cliff deal. is that too big or small of a number. >> i think the number is more. there is no question in my mind that the so-called deal hurts the poor. not because of charitable deductions. but they raised taxes. 77 percent of the households will see the tax bill. rich get hit. but it means less mon tow give. but less money to invest. people don't give to charity because of a tax deduction . unfortunately higher taxes hurts the rich and everyone . people who invest and create >> you think it is an unintended consequence of the fiscal cliff. >> i don't think so. mimit u middle class voters are more likely to give a larger share of the income charity and that will not change with the tweak with the cap for higher income folks. >> we'll see strong be number necessary the month of the fiscal cliff negotiation. as why move out of the recession, that will give people more money to give to charity and we'll see it bounce back more than what it was with the nonprofit outlets are calling a hair cut in the cap . remember what the alternative
>> john: i am john roberts in for chris wallace. if you think the fight over the fiscal cliff was tough stay tuned for bruising round twompt from automatic spending cuts to raising the debt ceiling and paying for uncle sam to at a open, the battle battle lines are how will that fight play out. we'll ask two key congressman. van hollen and jim jordan. he's's new man in town with a message that champions opportunities. will the party establishment listen. we'll get a fresh perspective from senator ted cruz. from spending to immigration and gun control debate, will the new congress get past the toxic partis an shepto get things done for voters. we'll ask the sunday panel to read the political teleaves all right now on "fox news sunday". hello again from fox news in washington. after side stepping the fiscal cliff, the country faces a triple threat of greater scale . at stake government spending cuts and full faith and credit of the united states. with bruises fresh from the last dust up early jabs are already flying. joining is democratic chris van hollen and republican jim jorda
-167. >> better than late than never. congress finally comes together and passes a late night fiscal cliff deal. this morning we have the winners and losers for you. >>> delicate condition. that's the word on hugo chavez's health this morning. their people told to pray for their president. >>> sure, why not. thousands take an icy plunge all for a good cause. have you ever done that? >> never. i've considered it. >> on the list of things i will never do. >> good morning, everyone. welcome to "early start." john berman will stop by later. it is 5:00 a.m. in the east. >> up first, back from the bottom of the fiscal cliff, at least for now, millions of taxpayers and small business owners can exhale this morning sort of because late last night, the house passed a senate bill that temporarily brings you us back from the brink. the final tally, 257 for, 167 defense. it's interesting to note that while some top house republicans voted no, speaker john boehner voted yes. and here's what the deal means for you. no tax hikes for couples earning less than $450,000 a year. itemized deductions capped for cou
>> the fiscal cliff bill passes in the house. hundreds pray for captioned by the national captioning institute --www.ncicap.org-- >> live and in hd, this is abc7 breaking news. >> breaking tonight, first at 11:00, it appears a deal has been done, at least for now, in the showdown over the fiscal cliff. the house passed a bill that stays off tax hikes and spending cuts. this deal comes after one year of procrastination and infighting between democrats and republicans at the white house and on capitol hill. live in the newsroom with the late breaking developments. >> they have been debating for about the last hour. since the bill has passed the house, it is headed to president obama's desk, who has said that he will sign into law. we are expected to hear from some of the house members in minutes and possibly see president obama make a statement. >> as soon as the fiscal cliff fix hit the house floor resistance from republicans was in place. >> because of what we are not doing, i cannot believe that this tax cut will be followed with spending cuts to offset any part of the $4
fiscal cliff negotiations for throwing a wrench in expanding his franchise. he started a business and now has about 50 employees. >> i'm just frustrated and i'm angry and i just want to move on and grow our business and help to support the economy and all of the people that we employ. but instead we're just on hold here. >> reporter: with so many sectors of the economy bracing for financial pain, patience has worn thin. >> this whole fiscal cliff mess shows how incredibly out of touch you are with the way people really live in this country. you are off in la la land and everyone is saying how you're acting like a bunch of spoiled brat who is are r more interested in being right than in doing the the right thing and representing the people who elected you. >> reporter: mary snow, cnn, new york. >>> i'm joe johns. thanks for joining us. cnn newsroom continues now with ashlee banfield. >> we went over the fiscal cliff. yep at midnight and then just a couple hours later, the senate came up with a solution. now it's off to the house. the house has to sign off. they will get back to wor
. >> the long national drama over the fiscal cliff is over after a late night vote on capitol hill. >>> unless you are due for a pay rise or a promotion, you will see less money in your paycheck. we'll explain what tax holiday is expiring. >>> frosty numbers out there on the lows. afternoon high temperatures looks like they'll actually warm up a little bit. time for the second hour of the ktvu morning news. >>> good morning, to you. welcome to wednesday, january 2nd i'm dave clark. >> and i'm claudine wong in pam cook this morning. let's start off with that quick look at your weather and traffic. steve, we can't stop talking about the cold temperatures out there. >> well, yeah. 27 is cold. 26 is cold. not as bad near the coast or the bay but still frost advisory or freeze warning out. i have seen 26, 27 outside of sonoma. look at that concord 29. fairfield 27. napa 29. there is cold numbers but it will be sunny today and a little bit warmer. here is sal. >>> steve, good morning. this is a live look at downtown san jose. northbound 280 coming right through. you can see the traffic is moving alo
-up to this whole fiscal crisis because they were willing to let the country totally go over the cliff. let the economy tank if they didn't get their tax cuts for millionaires and billionaires, they ended up caving in on that. secondly by this refusal to allow a vote in this session right now, you know how long that vote would have taken? probably ten minutes. because you do it electronically. it was not like they would have had to be like three or four days to debate this. everybody knew. hurricane sandy we saw the damage and destruction. the senate has already acted. $60 billion. boom. all they need to do a schedule a vote. they push the button, it's done. john boehner had it up to here, didn't want to do it, walked away. doesn't give a crap. damon calling from detroit michigan. hey, damon what do you say? >> caller: i'm over here in chicago. >> bill: i'm sorry. >> caller: i'm a detroiter. i'm work over here. >> bill: what is your first name? >> caller: david. >> bill: david, good to have you with us. what do you
by the senate that keeps the country from going over the fiscal cliff. we will have details coming up. >> the bay area is waking up to cold temperatures this morning. we will have team coverage all around the bay area this morning. >> we are at 28 degrees and san rafael. we have been around this number for the past hour. we did start out at 26 degrees. we did he go for about two degrees. a lot of people are headed back to work this morning and that will have to use their ice scrapers. the offer is one in that you talked about as an affect on tel 9:00 a.m.. >> you will need your scarf and some hot cocoa. there is no wood and burning allowed today. we are at 27 degrees in fairfield. we are same low 40's for the east shore line. redwood city is waking up to temperatures of the upper 30's. we do have winter weather advisories through 9:00 a.m.. as we head into afternoon the temperatures will be a little bit warmer that yesterday. i will break down the numbers and talk about the extended forecast coming up. >> more now on the developing news this morning. will tran is in the inland valleys
,112. the s&p is up 36 at 1,462. >>> a deal on the fiscal cliff may have been reached but get ready to see a smaller pay check. ktvu's lorraine blanco is live with how much taxpayers will soon lose. >> reporter: for someone making $50,000 this is how much less you will get every other week, 40 bucks. that adds up at the end of the year, making it hard for some to justify a lot of spending from shopping to vacations. >> the holiday is over and we are not talking about new year's day, for the last two years americans paid a 4.2% social security tax, this year we will pay 2% more. >> i will make sure i focus on what is essential. >> reporter: if you make $30,000 a year you will see $600 less. for those making $70,000, $1,400 less annually. and $100,000, expect to see a $2,000 decrease. in the bay area a couple making $100,000 a year, taking a $2,000 cut in that income is massive. completely different where $100,000 goes a long way. >> reporter: she says the first things we will cut out, shopping, eating out and travel. >> it will keep me from taking trips. i got a big family. it will really
.vitac.com >>> tonight, congress told america it saved america from the fiscal cliff. but that doesn't add up. why the usa is at the bottom of the canyon tonight. >>> plus chris christie goes ballistic on the hated congress and john boehner. we'll show the outburst to you. >>> and two new yorkers have been arrested with the means and the no how for a terrorist attack. let's go "outfront." good evening, everyone. "outfront" tonight, america, or homer simpson. like homer, we blythely skated to the precipice of the fiscal cliff with a deal that made almost everyone happy. low tax rate, extended benefits. sure sounds heavenly. but look what happens next. >> i'm going to make it. this is the greatest thrill of my life. i'm king of the world! woo-hoo! doh! >> yeah, that's how it ends. that feeling of weightless euphoria the thrill of our lives believing there was no way he would ever crash there would be a last minute save. that was america today. the dow surged 308 points on news of the fiscal cliff deal. congress patted itself on the back. why wouldn't they? that was a big reward. the problem is, the
is getting ready to go over the fiscal cliff even though it's got a deal maybe close in hand. i'm wolf blitzer. i'm reporting in washington. >> lawmakers and vice president biden struggling all day on a deal, but no final vote. at least so far. we'll get the latest from the hill and show what this means for you and your taxes starting tomorrow. >> ali is going to be with us for the next hour or two or three. who knows. we're also watching a very serious health scare for the secretary of state, hillary clinton. she's now hospitalized with a blood clot. doctors are revealing where it is. we want to welcome our viewers in the united states and around the world. >>> we'll get to the fiscal cliff negotiations. there's movement right now, but first, startling new information we're learning about the blood clot that landed secretary of state hillary clinton in the hospital this new year's eve. her doctor is now revealing it's located in her head between her brain and her skull. let's go straight to our chief medical correspondent, dr. sanjay gupta for the latest. they issued a pretty detailed
till the very end but congress did manage to approve legislation to avert this fiscal cliff, even though for most of the night it looked like it might not happen. >> the one thing that i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship, not scare the heck out of folks quite as much. >> that was the president late last night. then he got on oo plane, headed back to hawaii where his family is on vacation. threw see air force i. it touched down just moments ago. >> the ayes have it. >> it was after 11 p.m. when the house finally voted, putting an end to 24 hours of wrangling. republicans threatened to send it back with an amendment, including spend being cuts. but in the end the politics of that didn't make sense. so the bill passed, 257 for, 85 republicans, 172 democrats. speaker john boehner was one of those yes votes and he released this statement: now the focus turns to spending. the american people reelected a republican majority in the house and we will use it in 2013 t
: g.o.p. fury erupts over the senate fiscal cliff bill. will the house try to amend that bill? if so, what happens next? this is "special report." ♪ ♪ >> bret: good evening. i'm bret baier. happy new year. here in washington, the first day of 2013 is looking a lot like the last day of 2019. what started out with hope and optimism for a deal, devol ofed quickly to uncertainty about the way forward. i'm talking about the fiscal cliff bill. we look like at the fiscal cliff, the house republicans are meeting to chart a way forward. the senate passed legislation with overwhelming support this morning. the fiscal cliff legislation. when it made its way across the capitol to the republican controlled house, g.o.p. lawmakers immediately expressed concern about the lack of spending cuts. with the house majority leader publicly and bluntly stating he does not support the bill and the republicans are still at this time, as you look live behind the doors meeting at this hour, they are planning a vote series at some time. but we don't know when. it may include amending the senate bill and sen
. the futures are surging on the news that the fiscal cliff has been averted. welcome to "squawk on the street." i'm melissa lee. first trading day of the new year, poised to begin in rally mode. keep in mind, this is off of the big rally we saw on friday pre-cliff. the biggest gain we saw in the month of november across the board. this, of course, as congress takes measures to avoid the fiscal cliff. take a look at this. this is something you don't see too often on wall street. the dow looking at about 202 points at the open. look at the picture over in the european markets. the optimism has carried over there as well. the dax is higher by 2%. italy up 3.5%. but of course, jim, what a two-day streak of gains we will see here on the market. >> i think that we're set up to go higher. i also want to caution -- i don't like to buy up 2%, 3%. that's never been a terrific way to get the year started. there's a lot of money coming in. i do want to be optimistic about 2013, because i felt that what was going to happen was capital gains could go up more, defense could go up a lot more. i was fearful g
, congress swerves away from the dreaded fiscal cliff, but on this morning after the enthusiasm is tepid at best and the anger is simmering. first your bottom line. no tax rate increase for more than 98% of americans, that is couples earning less than $450,000 a year. the middle class also gets relief from the alternative minimum tax. it will now be adjusted for inflation. and remember those massive spending cuts that could have plunged the country back into recession? yeah, well they're merely on hold for a couple of months. so lawmakers face even tougher decisions and dwindling patience from the public, and that includes some powerful voices in washington. check out this tweet from a leader of the tea party express, amy kremer says "i'm extremely disgusted with what happened in the house tonight. there will be consequences." we're covering all the angles and alison kosik shows us how investors are reacting to the crisis that has been avoided at least for now and christine romans gets out the magnifying glass and exposes some of the pet projects that are getting huge amounts of your tax
's not enough, by march 1st we could be heading off the sequester cliff. that's because the fiscal cliff deal that passed last week put off what to do with government spending for two months. blanket cuts are still mandated by law to take effect unless both parties can agree to more targeted cuts. governments will target entit entitlements like social security and medicare. democrats will stand in their way. the gop will then use the debt creeling to bang on the heads of democrats to try to get their way on cuts. but if washington gets to march unscathed, there is a potential budget cliff to look out for. the current bill funding most of the federal government runs out on march 27th. by then it will be four years since the last actual complete budget was signed into law. look for lawmakers to extebld it again through another so-called continuing budget resolution. now, this continues, we stand the possibility of another debt downgrade and higher borrowing costs. washington can't agree on anything except for last-minute tax deals after 518 days of grandstanding. this is no way to run the u.s.
the revenue now and we promise, we promise we will get the cuts. that is exactly what the fiscal cliff deal was. they got revenue now. no cuts in there. the same old same old. i tell folks back home all the time, remember, this is promises from politicians. it is not a promise from your parents or your pastor or your priest. it is politicians saying give us some revenue and we promise we will get to the balanced approach later and promise we will cut spending later. mitch mcconnell is exactly right. they just got revenue. we have to cut spending. we have a $16 trillion debt. the credit card is maxed out. we have to cut spending. he is exactly right. let's focus on the problem which is this government can't control spending. we have to get control of it. >> we spoke at length during the campaign when you were the president's point person on the budget and you repeatedly stated and said it again this morning simpson bowles is is the model and you have to have revenue and spending cuts. >> that's right. >> we got the revenue. we got a tiny tiny spending cut along with the fiscal cliff deal. wh
. >> the thanks, bret. stand by. we will restart in just a moment with the latest on the fiscal cliff. >>> this is a fox news alert. i'm bret baier live in washington. we are following what is developing to be the beginnings of a deal. we heard of a deal all day long between senator mitch mcconnell, the senate minority leader and vice president joe biden. they have been talking nonstop about trying to come to some conclusion. a little bit of a scaled back version of the original grand bargain to deal with the expiring bush era tax cuts and also to deal with the impending sequester, the across-the-board cuts that would hit the pentagon and also domestic spend ising. they have according to the white house and senate republicans reached a deal but vice president biden is up on the senate side right now behind closed doors trying to convince some skeptical senate democrats to sign on to this before this piece of legislation hits the senate floor. we begin with our restart and to tell us exactly where we are at this hour, and this hour by the way is just two hours ahead of 2013. there you
of what happened when the fiscal cliff deal. he's one of many who said i will pull back. >> i think what is ignored in all of this is the result of charitable giving. they are people who feel they have obligation are not encouraged by this . the result of wt charities do is the substitute of the government doing it. it is it a big way to give back to the poor or sick than the federal government. that is it the real problem with i cuts out people who do it best. >> john, this is a figure here coming from the news depigist. 7 billion less in charitable donations. going to these nonprofits because of the fiscal cliff deal. is that too big or small of a number. >> i think the number is more. there is no question in my mind that the so-called deal hurts the poor. not because of charitable deductions. but they raised taxes. 77 percent of the households will see the tax bill. rich get hit. but it means less mon tow give. but less money to invest. people don't give to charity because of a tax deduction . unfortunately higher taxes hurts the rich and everyone . people who invest and create >> you
it overwhelmingly passed a bill to avert the fiscal cliff. now president obama is calling on the house to pass the bill without delay. the bill stops most of the tax hikes and spending cuts that were to kick in at midnight. tara mergener is in washington with more this morning. tara, good morning to you. >> reporter: good morning, terrell. well, a deal is now on the books to avert some of the impact of the fiscal cliff which technically we have gone over. now it is up to the house. in the early morning hours of new year's day, the senate began voting on a bill to avoid the so-called fiscal cliff. >> the bill as amended is passed. >> reporter: the senate voted 89-8 to avoid tax hikes for 99% of all americans. >> this shouldn't be the model for how we do things around here. but i think we can say we've done some good for the country. >> r if the bill eventually becomes law, the bush era tax cuts will be permanently extended for everyone making less than $400,000 a year. and families making less than $450,000 a year. it will also keep the alternative minimum tax for the wealthy from hitting milli
." [ ♪ music ♪ ] >> eliot: good evening i'm eliot spitzer, and this "viewpoint." the so-called fiscal cliff was finally surmounted tuesday night as the polithouse g.o.p. joined democrats in a bill that will avert steep tax heights for most americans and postpone major cuts to government programs. but the bill also guarantees lots more political drama in the weeks to come as the house republicans threaten to use a debt ceiling vote to extract cuts in social programs from the congressional democrats and the white house. tuesday's vote in the white house saw just 85 republicans join 172 democrats in supporting the bill that had won overwhelming support in the senate the day before. the bill will hold out tax rates on individuals with incomes that top out at $400,000 a year. to $450,000 a year and extend unemployment benefits, and extend tax breaks for the low income americans for five years and keep alternative minimum tax from raising taxes on the middle class. president obama said the bill affirmed his campaign promise to change the tax code to help the middle class. he also warned house rep
's capital right now. some work apparently got done last night on this whole fiscal cliff business. so that's a bit of good news as we start the morning at 4:25. >>> good morning to you. it's wednesday, january 2nd, 2013, i'm wisdom martin. >> i'm sarah simmons. welcome to fox 5 morning news. >>> we'll get to the fiscal cliff deal in just a second. first let's check in with tucker and get the latest on our weather. hey, tucker, it's cold. >> yeah. good morning, yeah. it's going to be a chilly day. we've had a cold front that's driving through the area as we speak and that can be responsible for some chilly temperatures around here for the next couple days. hour high will only be about 40 and overnight lows in the 20s. there's satellite and radar. we have a leftover shower, even some light snow showers to the south and east this morning. you got to get down into southern maryland, down across the bay here, down towards salisbury and ocean city, finding a couple light sprinkles and showers. that's the back edge of the front. still dealing with clouds out there too, but the trend will be to
the watered down deal to avert the fiscal cliff. what is in and what is out? after promising to protect it both the white house and congress decided to end the payroll tax holiday, meaning your taxes go up 2%. an extra $1,000 for every $50,000 you earn. individuals making more than $400,000 a year will see their taxes go up. also not getting done, spending cuts. one analyst said today congress kicked the drone down the road, postponing cuts for another month. republicans say they will fight raising the debt ceiling without significant spending cuts. >> the president has maxed out his credit card and he's not going to get an unlimited credit card. >> he is back in hawaii today but president obama feels congress spent the money and will have to raise taxes further. >> i will not have another debate with congress over whether or not they should pay the bills they have already racked up. >> of late this afternoon, house republican leaders backed down over their decision to postpone a force and the victims after both parties blasted lack of action. now, congress will vote on $9 bil
've already racked up. >>> while markets react positively to the fiscal cliff deal, and wall street is poised for a big day. but how else will the agreement affect your wallet? >>. >>> and a rose parade reunion. an american soldier home from afghanistan surprises his family in front of thousands of spectators and millions watching at home. captioning funded by cbs >>> this is the "cbs morning news" for wednesday, january 2nd, 2013. good morning, everyone. i'm terrell brown. >>> the economy avoided the fiscal cliff but just barely. the house late last night passed the senate bill that avoids the tax hikes and spending cuts expected to start this year. they raised the incomes of those over $400,000. it raises taxes on the portions of estates that exceeds $5 million, long-term unemployment benefits have been extended, and across-the-board spending cuts have been put on hold for two months. tara mergener is in washington with more. tear are, good morning to you. >> good morning, terrell. the standoff over the fiscal cliff is finally over. many house republicans and even some democrats did not lik
of the ones with the fiscal cliff deal? >> when you borrow money and raise offsets. the president made it clear he wants that to come from revenue. the next thing they need to look at is spending cuts and congress is going to push for that. especially given the president got pretty close to what he wanted in the last fiscal cliff fight. it's going to be hard to ask for more for taxes getting raised. >> i remember george w. bush coming out in his second term talking about political capital he earned and his plans to use it. if we look at the political capital this president earned, how much has he used and how much is left? >> he's careful not to say the m word, mandate. which is what president bush said after he tried to privatize social security. the president has a fair amount of political capital given two months from now is not that long of a time. he'll have momentum from winning the election but it won't be as good as december. republicans, if they're smart, especially house republicans and conservatives, will have figured out the bargaining game more and better than last month.
job at governing than the 112th. with the so-called vote on the fiscal cliff behind him and the fight under raising the debt ceiling underway, republican congressman john boehner was re-elected to a second term as speaker. house clerk karen haas gave the tally. >> total number of votes cast is 426 of which the honorable john a. boehner of the state of ohio has received 220. the honorable nancy pelosi of the state of california has received 192. >> eliot: while pelosi got solid support with five democrats voting against her a dozen conservative republicans either abstained or lined up against boehner casting votes instead or candidates including majority leader eric cantor of virginia and tea party firebrand allen west. perhaps nobody told them west lost his election. when pelosi handed boehner a symbolic people's gavel boehner resisted the temptation to use it on the rebels in his own caucus. he returned to his favorite topic, reducing the national debt. >> at $16 trillion and rising, our national debt
-called fiscal cliff. members of the senate agreed to extend tax cuts for middle income earners and raise taxes on the wealthy but the house of representatives decided not to vote on the bill on new year's eve. the house is expected to resume talks quickly in the new year to avert a serious impact from tax hikes. president barack obama gave a conference earlier on new year's eve. he said he was optimistic that senators could reach a compromise. >> now today it appears that an agreement to prevent this new year's tax hike is within sight. but it's not done. there are still issues left to resolve, but we're hopeful that congress can get it done. >> senate republican leader mitch mcconnell said the two parties had reached an agreement on taxes. they are believed to have agreed to extend tax cuts for middle income earners. people earning more than $450,000 per year will see their taxes go up. that's far higher than obama's original proposal. they have yet to agree to suspend spending cuts. the democrat led senate is expected to pass the bill on new year's eve. the republican led house says it will
the fiscal cliff and investors jump into the market. in today's cover story, whose taxes are going up and why every american will wind up with less money in thier paychecks this year. plus, a banner year at the box office for 2012. we name the films that could earn the biggest bucks in 2013. also, is now the time to gamble on casino stocks? and americans get set to plug into supersized tvs. first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's thursday, january 3rd. i'm angela miles. in today's first look: the stockmarket's fiscal lift. in the largest one-day move since december 2011, the dow soared 309 points wednesday after lawmakers agreed on a deal to avert falling off the fiscal cliff. the 113th session of congress begins today at noon on capitol hill. 2012 was a tremendous year for the wealthy. the richest people in the world added $241 billion more to their collective net worth and buger king is playing a game of chicken with mcdonald's. instead of chicken strips, bk is testing sales of chicken nuggets. b
to happen right after the fiscal cliff. the senate passed the bill and wanted it to get to the president where they had to recast and the new congress starts tomorrow at noon. today peter king backtracked and said his anger at the speaker is ancient history. >> it's a day old. >> ancient history, that he is not mad at the speaker. he's pleased with the outcome. there will be a vote friday on the $9 billion for the flood insurance program and on january 15th on the $51 billion. >> but let's get to the larger question. is there some sort of split in the republican party, something we've sort of seen signs of over this entire fiscal cliff debate? >> well, i think it would be too simplistic to say there is a split. there are definitely those that are more pragmatic than others, as there is in the democratic party as well, but when you're the party that controls the white house, you have to fall in line. the republicans are a little out in the wilderness. they only control 1/3 of the three parts of government and they feel like they're being ganged up on, so to speak, the fiscal cliff and the
of the fiscal cliff deal are just two reasons three in four americans think the way politics works in washington is harming the nation. that's according to a new poll by usa today and gallup. the house did approve the senate's plan to back away from the fiscal cliff late last night, but politicians are already looking to the next three chasms. here's bruce leshan. >> we'll look back on this night and regret it. the problem is we set up three more fiscal cliffs. >> reporter: just months into the new year we may yet see more partisan pitched battles over the debt ceiling, over those big across the board spending cuts which were temporarily put off and over the federal budget which is running short term now on what's called a continuing resolution. the majority leader and every other virginia republican in the house voted no and the gop is openly planning to leverage a debt ceiling vote in a few months to extract re spending cuts than they got in the fiscal cliff deal. >> not only does it not cut spending, it increases spending by a little bit and we're borrowing a trillion. >> reporter: the pres
averted, market's surge after the fiscal cliff is averted. health workers in pakistan that were gunned down on tuesday, there charities abandoned. no let up on the protest in india. thousands marched after the gang rape and death of a student. welcome to "bbc world news." coming up in the program," we will have more pictures of these burmese attack planes. also, a special report on justice in japan. why is it so many people confess to crimes that they did not commit? ♪ >> hello, thank you very much for being with us. markets from the far east to europe have jumped with some relief over the deal on the fiscal cliff in the united states. the settlement, which does include tax increases for wealthier americans, has led to a surge of more than 2% on some markets. president obama has handled deal as a success in his drive to raise taxes on the rich and is headed to hawaii to resume his winter break. raising concerns among some about how long any positive response might last. david has this report from washington. >> on this vote, the motion is adopted. without objection, the motion to rec
'm becky quick. republicans don't love the fiscal cliff. democrats don't love this deal either but wall street does at least for today. why don't we look at where things stand right now. you will see the dow industrials are up by 223 point. s&p 500 up by about 24 and again these markets have been holding this throughout the day. nasdaq up by 66 points. gold up by $12.70 to 1,688 an ounce. yield is higher up, and let's go live to bob who is live on the new york stock exchange. bob, happy new year. >> happy new year. er with near what traders called a 90% upside die. 90% of stocks on the upside and volume. take a look at what's been going on here. i will show you a lot of sectors at highs here. in some cases multiyear highs. historic highs for the russell 20000. also new highs in home building stocks. and sectorially financial stocks like bank stocks as well as materials also at 52-week highs. take a look at solar stocks. becky got a lot of questions about why are all of the solar stocks up so much today. there are tax breaks for renewable energy in the fiscal cliff year. specifically for
. the fiscal cliff averted for now. investors staging a party. the dow up 2% to monastic on fire, small-cap stocks setting a new all-time high. why? because the fiscal cliff deal which will be signed by the president probably moments from now will shrink the government. no. spending rises by 4 trillion. maybe investors were excited about lower deficits. no again. deficits continued to climb to 8 trillion of the decade. the estimated deficit reduction, just 650 billion. and oh, by the way, contrary to what you heard, the middle class gets socked with a tax hike. you earn 50,000, get ready to pay an additional thousands of assam. here with details, scott hodge, president of the tax foundation. thank you for coming in. let's get into the details of this behemoths, a huge bill, starting with the average tax increases that people are going to face here. if you're making 50,000, 75,000, as i said, 822 will be your increased tax, what you will owe, and it just keeps going. >> well, that's exactly right. that, the tax increases in the middle class will come from the exploration of the temporary
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